VenturesNow

Mining: Guinea gives multinationals ultimatum, build alumina refineries or face ‘penalties’

Published

3 years ago

April 10, 2022

The interim government of Guinea has asked international mining companies to submit project proposals and a “precise timetable” for the construction of alumina refineries to the mines ministry by the end of May 2022.

The junta leader Mamady Doumbouya, announced the ultimatum during a hearing with company representatives broadcast on state television late on Friday.

“The respect of basic agreements remains non-negotiable for us,” Doumbouya said.

“You and I can no longer continue this fool’s game that perpetuates great inequality in our relations,” he added.

Guinea, which is the world’s second-largest bauxite producer, in the move to channel its mineral wealth into economic development, pressuring companies in recent years to commit to building local facilities that will refine bauxite into higher value alumina.

Bauxite is the most common ore of aluminium. Extraction of aluminium metal takes place in three main stages: mining of bauxite ore, refining the ore to recover alumina, and smelting alumina to produce aluminium. Other raw materials are mined as aluminium ore, but their use is minor compared with bauxite.

Doumbouya also added that “penalties” would be placed on mining companies that fail to provide project proposals and the precise timetable for the construction of refineries before the May 2022 deadline.

Since it came on board in September, the junta has toughened its stance towards multinationals, In March, the junta ordered the cessation of all activities at the massive Simandou iron ore deposit owned by Rio Tinto and a Chinese-backed consortium, saying it was seeking clarification of how Guinea’s interests will be preserved.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”